In December 2022, the Financial Conduct Authority (FCA) released a Policy Statement entitled: “Improving Outcomes in Non-Workplace Pensions."

One of the big headliners in the Spring Statement was the cut in basic rate income tax from 20% to 19% from April 2024.

With 5 April rapidly approaching social media and inboxes are full of the usual “top ten tax year-end tips” headlines. For those who are organised the planning has long been done, allowances used as fully as possible and it’s time to sit back.

Writing an article on “decoupling” in the same month as Valentine’s Day feels a bit “bah humbug” – but rest assured, I'm talking about the link between taking tax-free cash and using pensions to provide an income that faces the prospect of being torn apart, not any romantic relationship.

Towards the end of last year the FCA published its much-delayed consultation on non-workplace pensions. The consultation proposes two major changes – the first relates to default investments and the second to cash warnings.